Microsoft event: The Lumia 550 is a mid-range device for just $139

In addition to their Lumia 950 and 950 XL flagships, Microsoft also unveiled a new budget device: The Lumia 550.

The new device will replace Microsoft's aging Lumia 640, and the phone will be the company's main seller in developing markets and will compete against the Android-powered Moto G and Moto E in the U.S.

Lumia 550s will have a 4.7-inch 720p display, 1GB RAM, a quad-core 1.2GHz Snapdragon 210 and shockingly, a 5MP camera. The 2100 mAh battery should hopefully get you through the day.

Microsoft says the device will launch in December for just $139, although U.S. availability will not be until 2016.